What is the Internet of Things and why is it important?
By 2020, it’s estimated that 50 billion consumer and industrial devices will be connected to the Internet. The explosive growth of the Internet of Things provides huge opportunities, but it also introduces a lot of complexity and risk. In a recent webinar, Daniel Elizalde, an IoT product leader explained why it’s crucial for Product Managers to understand IoT products and their lifecycle.
IoT Product Leader
Daniel Elizalde is an IoT Product Leader with over 17 years of experience managing the complete lifecycle of connected products. He is the founder of TechProductManagement, which provides professional training courses, workshops, and articles on IoT Product Management. He is also the creator of the IoT Decision Framework, taught at Stanford, Oxford, and Cornell and used by top Silicon Valley IoT companies.
Daniel’s diverse background includes working with Fortune 500 companies and growth-stage startups, as well as product companies and services companies. Most recently, as head of products for Stem, Inc., Daniel managed the full product lifecycle of an end-to-end IoT Energy Storage solution for the Smart Grid.
What Is Internet of Things?
To be successful, IoT products require a new breed of Product Manager capable of managing an end-to-end solution from a business and technical perspective. In this webinar, Daniel discussed why IoT products are a big opportunity for Product Managers, and also pointed out the complexities involved in building IoT products.
He introduced the building blocks of the IoT technology stack from a Product Manager perspective, including smart devices, cloud platforms, and cloud applications. He described how these components fit together and introduced the IoT Decision Framework, a strategic framework to guide Product Managers in decision-making around IoT technology, business, UX, security, and more.
- What is IoT?
- Connected to the internet in all sorts of industries: airplanes, energy, healthcare, smartphones, smart building, agriculture, etc.
- About 60% of the companies are planning on having an IoT initiate in the next 2 or more years.
- Next evolution in this state of tech.
- Within the next 5-10, years most products will be connected to the internet.
- Will be necessary in the future and Product Managers need to know how to manage the IoT products.
- Much more complex than any other products we’ve managed in the past.
- What is an IoT product?
- There’s no clear definition, but in general, an IoT product is “a product that combines hardware and software, measures real-world signals, and connects to the Internet to provide value to a customer”.
- It’s difficult because
- It combines hardware AND software.
- It measures signals, such as, can measure the environment; temperature, position, velocity, humidity.
- “People don’t buy IoT; they buy a solution to a problem.“
- IoT decision framework provides a structured approach to developing a cohesive IoT product strategy. It’s divided into two
- Device hardware, device software, communications, cloud platforms and cloud applications.
- UX, data, business, technology, security, standards & regulations.
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